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Politics : Ask Michael Burke
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To: Tommaso who wrote (42810)1/10/1999 2:46:00 PM
From: voodooist  Read Replies (1) of 132070
 
Tommaso, *OT* Subject: US Savings Bonds..>>U.S. savings bonds are pretty illiquid since you lose all the interest since the last 6-month payment period if you cash them in>>. I believe that millions of Americans with old savings bonds are forfeiting huge amounts of interest to the US Treasury every year. The reason for this is that all old savings bonds, after they pass the period of original maturity and enter "extended maturity" have their interest payment dates shifted from the original purchase date. Very few people are aware of this, including bank personnel. Example: A bond purchased in May 1952 reached its maturity on Jan. 1,1962. At that point the anniversary and midpoint months shifted from May and November to January and July during its extended maturity period. Many elderly people are dutifully taking their bonds to the bank on the date on the bond or six month offset. It is my paranoid belief that this change was made for the benefit of the Treasury Dept.
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